The world wheat market is showing signs of life, despite recent struggles.
As AgWeb.com reports, last week wheat prices surged to their highest level in 15 months. The price elevation came after the USDA unexpectedly lowered its expectations for global wheat inventories. Earlier this year, wheat markets were showing signs of deep trouble. In August prices reached their lowest levels in a decade. But the low rates have caused importers to take advantage of the opportunity. Algeria, Egypt and Syria have all been seeking out wheat this month.
The USDA expects global shipments to climb by almost two percent this season. And the agency expects American exports to rebound 26 percent this season. Experts are even hoping to see wheat production reach an all-time high of almost 175 million tons.